7 Top Accounts Receivable Software for Small Business Growth in 2024

If you’re a small business owner or a startup, you know well that effective cash flow management is critical to business growth. To achieve this, you must have efficient accounts receivable processes to settle outstanding customer payments faster, maximize profits, and leave no money on the table.

Instead of resorting to traditional methods, you can use an accounts receivable automation software for your business to make everything streamlined.

This guide will go over 7 top accounts receivable software for small businesses this year. We’ll review their key features and pricing, giving you all you need to know when choosing the right accounting software for your organization.

Read this article to learn more.

The 7 Best Accounts Receivable Software for Small Business Growth: At a Glance

7 Top Accounts Receivable Software for Your Small Business

Here’s a detailed overview of our top 7 accounts receivable software solutions this year:

#1. Envoice

Envoice is a robust software solution for automating expense management, bookkeeping, and other pre-accounting tasks. It uses artificial intelligence (AI) for different accounts receivable tasks, notably smart invoice creation, data capture and categorization, and smart invoicing rules, allowing you to get paid faster. Envoice also integrates seamlessly with different accounting software like QuickBooks, Xero, and Sage Accounting.

Main Accounts Receivable Features

• Robust Accounts Receivable Automation – Envoice helps you streamline accounts receivable processes by automating invoicing and payment reminders. This ensures faster payment cycles, reduces manual data entry, and improves client relationships.
• Multi-Currency Support – Envoice supports all major currencies globally, including digital currencies like Bitcoin. This allows you to bill your clients effectively using their local currency, making each payment transparent.
• Effective Collaboration Tools – Envoice allows your team to effectively collaborate on different tasks through centralized team communication. It displays notifications on specific transactions, including sent invoices, expense reports, and more, keeping everyone on the same page.

Pricing

Envoice has the following pricing plans:

• Essential – The Essential plan is ideal for small businesses that want to automate bookkeeping and accounting tasks. It starts at $7 per company/month.
• Business – The Business plan is best for enterprises that want enhanced collaboration and pre-accounting automation tools. It costs $14 per company/month.

Register to Envoice now for a free 14-day trial—no credit card needed.

#2. Xero

Xero is a popular all-around accounting software and an effective solution for accounts receivable management. The platform allows you to personalize customizable invoices and add elements such as line items. It has a user-friendly invoice management dashboard and has a variety of third-party app integrations for AR automation.

Main Accounts Receivable Features

• Accounts Receivable Management – Xero allows you to create customer invoices faster with templates. Its comprehensive invoice dashboard provides a full view of your invoice statuses, including outstanding invoices, those awaiting approval, overdue invoices, and paid invoices.
• Invoice Reminders and Short Invoices – Xero improves your accounts receivable process by letting you send out automated invoice reminders for past-due invoices. It can also accommodate short payments (payments that are less than the invoiced amount).

Pricing

Xero offers the following pricing tiers:

• Early – The Early plan starts at $15/month.
• Growing – The Growing plan costs $42/month.
• Established – The Established plan costs $78/month.

#3. Intuit QuickBooks

Intuit QuickBooks (or QuickBooks Online) is an all-in-one accounting software that’s excellent in accounts receivable and payable tasks. It allows you to create professional invoices on the platform using customizable templates. It also supports integrations with payment processing apps, making the cash collection process more efficient.

Main Accounts Receivable Features

• Professional Invoicing Tools – QuickBooks makes time-consuming tasks, like invoice creation, faster through customizable invoice templates. You can set up recurring invoices for customers and create invoice reminders automatically to avoid late payments.
• Accounts Receivable Reports – QuickBooks lets you run pre-built reports for accounts receivable, such as AR aging summary reports. It gives you an overview of money owed by customers, the total value of unpaid invoices, and how long they’re past due. This allows your team to make strategic business decisions to improve your AR processes and get paid efficiently.

Pricing

QuickBooks has the following pricing plans:

• Simple Start – The Simple Start plan starts at $35/month.
• Essentials – The Essentials plan costs $65/month.
• Plus – The Plus plan starts at $99/month.
• Advanced – The Advanced plan costs $235/month.

#4. FreshBooks

FreshBooks is a billing and invoicing software that assists small businesses and solopreneurs in AR automation. It has robust invoicing features, including real-time invoice tracking and automatic reminders for overdue payments. It also has integration with payment processing apps like Square, allowing you to receive online payments and get paid faster.

Main Accounts Receivable Features

• Effective Invoice and Client Management – FreshBooks has a self-serve client portal where they can pay their outstanding balances and print invoices, allowing you and your clients to save time.
• Detailed AR Reports – FreshBooks allows you to create AR aging reports to track overdue payments, adjust credit terms, and ensure suspicious customer accounts are addressed promptly. This will enable you to bill your clients more efficiently, end relationships with clients having bad debt, and boost cash flow.

Pricing

FreshBooks offers the following pricing tiers:

• Lite – The Lite plan starts at $19/month.
• Plus – The Plus plan costs $33/month.
• Premium – The Premium plan starts at $30/month.
• Select – The Select plan is for large enterprises with custom invoicing needs. To have a custom quote, you can contact FreshBooks’ sales team.

#5. Gaviti

Gaviti is robust accounts receivable software that offers automated solutions for improving your business’s AR and cash collection processes. It provides a comprehensive dashboard displaying key metrics such as total A/R collected, days sales outstanding (DSO), number of outstanding invoices, etc. The platform also keeps you track of your top customers and delinquent clients.

Note: Setting up automated workflows in Gaviti can be challenging and can cause delays to your AR tasks. For a more capable invoicing and accounting automation solution, try Envoice. Our workflow management tools help you maintain high-quality standards, reduce errors, and boost productivity. Reach out to us now to experience efficient AR workflows!

Main Accounts Receivable Features

• Comprehensive AR Dashboard – Gaviti provides a detailed dashboard allowing real-time reporting of client engagements and closed invoices. It also displays payment forecasts and aging buckets (for categorizing overdue payments), allowing you to improve your accounts receivable workflow and cash collection activities.

Pricing

Contact Gaviti’s sales team to get a custom quote.

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#6. BILL

Bill.com (or BILL) is a cloud-based billing and invoicing software for small businesses. Besides being an effective tool for settling vendor payments, BILL can help improve accounts receivable systems through invoice creation and real-time invoice tracking. It also supports integrations with popular accounting platforms like QuickBooks, Sage, and Oracle NetSuite.

Main Accounts Receivable Features

• Robust Invoice Management – BILL provides you with various customizable templates for creating the ideal invoice for your business. It allows you to schedule recurring invoices to customers, set up automated payment reminders, and view the status of each invoice in real-time when sending invoices to another BILL user.
• Online Payment Methods – BILL makes your payment process faster through online payments via ACH and major credit cards. You can also charge your customers automatically through auto-pay.

Pricing

BILL offers these pricing tiers:

• Essentials – The Essentials plan starts at $19 per user/month.
• Team – The Team plan costs $55 per user/month.
• Corporate – The Corporate plan starts at $79 per user/month.
• Enterprise – The Enterprise plan is for large enterprises with custom business needs. To get a custom quote, contact BILL’s sales team.

Note: BILL can be expensive, especially since they charge per user on their monthly plans. If you want a cost-effective invoicing and expense-tracking solution, consider Envoice. Our platform allows you to add an unlimited number of users at no additional cost, allowing for enhanced team collaboration and work efficiency. Contact us now to learn more!

#7. Invoiced

Invoiced is a robust platform for automating various accounts receivable processes. It’s effective for streamlining payment collections and boosting your business’s cash flow. It also supports integrations with accounting platforms and ERP systems like QuickBooks, Invoiced ERP, and Xero.

Main Accounts Receivable Features

• Invoice Management and Smart Chasing – Invoiced allows you to create customized invoices from professional templates. Through its Smart Chasing feature, you can focus your follow-ups on overdue customer invoices and adjust your outreach based on their responses.
• Real-Time Reports – Invoiced provides real-time AR reports based on key metrics like cash flow forecasts, payment trends, and collection efficiency. This gives you the necessary data to enhance your accounts receivable processes.

Pricing

To get a custom quote, you’ll need to schedule a product demo with Invoiced’s sales team.

Final Thoughts

Having the right accounts receivable software is necessary when operating a small business. It improves your cash flow through streamlined payment processing and builds better client relationships through professional invoicing, communication, and follow-ups. It also helps you track and view outstanding payments, cut off clients with often delinquent payments, and have accurate financial records.

If you’re looking for a comprehensive expense tracking and pre-accounting solution with accounts receivable tools, consider Envoice. It offers tools for simplifying the invoice creation and sending process, allowing you to get paid faster. It also integrates with robust accounting tools and payment processing platforms like Wise, QuickBooks, Sage Accounting, and Xero.

Streamline your invoicing process. Ensure faster payments and improve cash flow—try our invoicing solution now. Get started with Envoice today and see the difference in your financial operations!